What is Competition ?
Competition is (noun) 1. a sport or game where several teams or people enter and each tries to win France were winners of the competition. He won first prize in the piano competition. The competition is open to everybody. (NOTE: The plural in this meaning is competitions.) 2. a situation in business in which one person or company is trying to do better than another Our main competition comes from the big supermarkets. We have to keep our prices low because of competition from cheap imports. 3. people or companies who are trying to do better than you We have lowered our prices to try to beat the competition. The competition is or are planning to reduce their prices. (NOTE: singular in this meaning, but can take a plural verb)
source: Easier English, Student Dictionary Upper Intermediate Level